Developers eye apartments for Oak Park tower

Design of 20-story building likely won't change

Developers of a proposed 20-story building in Oak Park want the project to house rental units instead of condominiums or hotel rooms, village officials say.

Village trustees are expected to discuss the revamped proposal at Monday's Village Board meeting. Any changes to the agreement with the village will need board approval.

"Basically, as we know, the housing market has changed dramatically over the last many months, and (the developer's) revised proposal will seek to move from condominium residential units to rental residential units," said Village Manager Tom Barwin.

Michael Glazier, principal with the developers, Sertus Capital Partners, could not be reached for comment.

Despite the potential switch to rental units, the aesthetics of the building would remain mostly unchanged, Barwin said. The parking and retail elements are unchanged, he said.

The project has been stalled since it won approval in March 2010, with the developer saying that the economy has made financing difficult to find.

The original proposal featured a 140-room hotel, 85 condos and a 510-space parking garage to replace the aging facility on Forest Avenue.

The plan has drawn the ire of some residents, who thought the building's height and modern design would clash with nearby historic Frank Lloyd Wright architecture.

Elected officials and village staff have supported the project, calling its location vital to downtown redevelopment.